We opened a college savings account with UFB for my youngest son (now 3 years old) when he was born. Any money given by family, friends, etc goes in there for him. Few hundred dollars at this point - so not some huge account.
Today I opened the statement we get and I noticed the bank hit him with an insufficient minimum balance charge. So I call up and ask what that is. It seems they were recently bought by Waterfield Bank and the new mgmt placed a minimum $10K balance on these types of accounts. The call center rep said they had notified all customers, but neither my wife or I recalls any letter explaining that reality, & the agent wouldn't confirm whether it was a letter or some small print on a past statement. Anyway, I explained to the woman that it is a 3 year old's account and ask that the money they took be placed back into the account before we close it (our only option other than putting 10K in there. She flat out denied that request, denied requests to speak to a supervisor and let me know there will be an administration fee to close this.
My summary - Waterfield Bank gladly takes money from children.
This bank operates online as UFB Direct and offers high interst savings accounts. I opened my account with a $500 deposit at a 4.00% APY. After two months the interst rate dropped to 2.02% APY. I decided to close my account, but was never told of a $30 "Closing Fee". So after 3 months I earned $2.99 in interest, but was charged a $30 fee to close my account, for a net loss to me of $27.01.
Seems like a pretty good scam this bank has going. They don't tell you about a large fee that they charge that is likely to wipe out anything they pay you in interest. The end result is I didn't have my money for 3 months and ended up with $27.01 less than I started with.
Let my loss be everyone else's gain. Avoid this bank and be careful with online banks. They DO NOT always disclose all information and they will rip you off every chance they get.